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Manhattan Associates Reports Record Fourth Quarter And Full Year 2012 Performance

ATLANTA, Jan. 29, 2013 (GLOBE NEWSWIRE) -- Leading supply chain optimization provider Manhattan Associates, Inc. (Nasdaq:MANH) today reported record fourth quarter 2012 non-GAAP adjusted diluted earnings per share of $0.71 compared to $0.60 in the fourth quarter of 2011, on license revenue of $14.4 million and record fourth quarter total revenue of $95.4 million. GAAP diluted earnings per share for the fourth quarter was a record $0.63 compared to $0.50 in the prior year fourth quarter.

Manhattan Associates CEO Eddie Capel commented, "We're very pleased with both our fourth quarter and full year results. They reflect solid support in the market for our product and solution strategy. These results allow us to continue to make significant investments in supply chain innovation across our technology and solution suites in order to provide differentiated capabilities to our customers."

FOURTHQUARTER 2012 FINANCIAL SUMMARY:

Adjusted diluted earnings per share, a non-GAAP measure, was $0.71 in the fourth quarter of 2012, compared to $0.60 in the fourth quarter of 2011.

GAAP diluted earnings per share was $0.63 in the fourth quarter of 2012, compared to $0.50 in the fourth quarter of 2011.

Consolidated total revenue was $95.4 million in the fourth quarter of 2012, compared to $83.5 million in the fourth quarter of 2011. License revenue was $14.4 million in the fourth quarter of 2012, compared to $16.6 million in the fourth quarter of 2011.

Adjusted operating income, a non-GAAP measure, was $21.7 million in the fourth quarter of 2012, compared to $19.3 million in the fourth quarter of 2011.

GAAP operating income was $19.1 million in the fourth quarter of 2012, compared to $16.2 million in the fourth quarter of 2011.

Cash flow from operations was $23.9 million in the fourth quarter of 2012, compared to $14.8 million in the fourth quarter of 2011. Days Sales Outstanding was 60 days at December 31, 2012, compared to 70 days at September 30, 2012.

Cash and investments on-hand were $103.0 million at December 31, 2012, compared to $106.8 million at September 30, 2012.

During the three months ended December 31, 2012, the Company repurchased 526,623 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $31.2 million. In January 2013, the Board of Directors approved raising the Company's remaining share repurchase authority to an aggregate of $50.0 million of the Company's outstanding common stock.

FULL YEAR 2012 FINANCIAL SUMMARY:

Adjusted diluted earnings per share, a non-GAAP measure, was a record $2.82 for the twelve months ended December 31, 2012, compared to $2.32 for the twelve months ended December 31, 2011.

GAAP diluted earnings per share for the twelve months ended December 31, 2012 was a record $2.56, compared to $2.09 for the twelve months ended December 31, 2011. Results for the twelve months ended December 31, 2011 included a $0.12 per share benefit for the recovery of a previously impaired auction rate security investment.

Consolidated revenue for the twelve months ended December 31, 2012 was a record $376.2 million, compared to $329.3 million for the twelve months ended December 31, 2011. License revenue was $61.5 million for the twelve months ended December 31, 2012, compared to $54.2 million for the twelve months ended December 31, 2011.

Adjusted operating income, a non-GAAP measure, was $88.4 million for the twelve months ended December 31, 2012, compared to $70.4 million for the twelve months ended December 31, 2011.

GAAP operating income was $80.1 million for the twelve months ended December 31, 2012, compared to $61.4 million for the twelve months ended December 31, 2011. Results for the twelve months ended December 31, 2011 included a $2.5 million recovery of a previously impaired auction rate security investment.

During the twelve months ended December 31, 2012, the Company repurchased 1,944,828 shares of Manhattan Associates common stock under the share repurchase program authorized by the Board of Directors, for a total investment of $99.7 million.

SALES ACHIEVEMENTS:

Three contracts of $1.0 million or more in recognized license revenue during the fourth quarter of 2012, resulting in a total of 12 contracts of $1.0 million or more in recognized license revenue for the full year 2012.

Manhattan Associates provides the following revenue and diluted earnings per share guidance for the full year 2013:

Guidance Range - 2013 Full Year

($'s in millions, except EPS)

$ Range

% Growth Range

Total revenue

$410

$415

9%

10%

Diluted earnings per share (EPS):

Adjusted EPS (1)

$3.15

$3.21

12%

14%

GAAP EPS

$2.85

$2.91

11%

14%

(1) Adjusted EPS is a Non-GAAP measure which excludes the impact of equity-based compensation

Manhattan Associates currently intends to publish, in each quarterly earnings release, certain expectations with respect to future financial performance. Those statements, including the guidance provided above, are forward-looking. Actual results may differ materially, especially in the current uncertain economic environment. Those statements, including the guidance provided above, do not reflect the potential impact of mergers, acquisitions or other business combinations that may be completed after the date of the release.

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